Business chiefs more trusted than politicians

Businesses have opened up a ‘staggering’ lead over government in a poll of who the public sees as competent. 

The findings – in a global survey of more than 32,000 people by public relations firm Edelman – show firms are seen as more ethical than their elected counterparts, with bosses now expected to be leading voices on ‘societal issues’. 

Edelman’s trust barometer is published as government and business leaders gather in the Swiss ski resort of Davos for the annual meeting of the World Economic Forum. 

The international gathering has been previously criticised as an ineffectual talking shop – and because of the jarring discrepancy of global elites arriving on private jets to mouth platitudes about climate change and poverty. 

Edelman’s 2023 trust barometer rates business as having a score of 11 for competence, slightly lower than a year ago but 53 points ahead of government on -42. 

On ethics, businesses have a score of 18 – higher than last year and 30 points ahead of government at -12. 

The report said trust in business had been boosted by its treatment of workers during the pandemic and the ‘decisive’ action in exiting Russia after the invasion of Ukraine. 

Edelman chief executive Richard Edelman said: ‘Increased perception of business as ethical brings higher expectations of CEOs to be a leading voice on societal issues.’ By a margin of six to one, the public wanted bosses to become more involved in issues such as climate change and reskilling of workforces. 

Government is distrusted in 16 of the 28 countries surveyed, topped by the US, the UK and Japan. 

The survey also pointed to a collapse in economic optimism. Half of the 28 countries saw a double digit decline in the belief that their families will be better off in five years. 

This has dropped to all-time lows in the US and the UK – where the survey found just 23 per cent felt optimistic. 

Dave Samson, Edelman’s global vice chairman of corporate affairs, said the findings also showed the world could face ‘increased polarisation, slowing growth, deeper discrimination, and an inherent inability to solve problems’. 

He said bosses were central to restoring economic hope.